I managed to speak with a home owner the other day who needs to sell due to health reasons.

Even Home depot has started requiring the elimination of some toxic chemicals from paints and I think some floors due to their proved and studied negative impact on health, so this is very real.

And Septic is not a big deal as long as it is maintained (you/your tenants must never put any bleach or chemicals down the toilets, tub or sinks). 

You show your newly renovated suite to someone, and in the portfolio you show the documents with the permits you have had approved, a prospective tenant will feel better knowing the work was done correctly and to code, and that you're not trying to get things done cheap or cut corners which may risk their health or safety.Yes it may be a bit more time consuming to pull permits.

The latter is a time bomb, and not just for taxes, but more importantly for the general health of your partnership.Finally, no rush to elect S-corp until your business shows substantial profit - which is not guaranteed in your first year of operation.

Also, she is in poor health so what, if anything, would happen if she were to pass away?

I was under the impression that one could avoid paying any capital gains if one sold the property due to health or job placement x miles from existing sold property.

In fact, I'm reaching the point where I need to retire due to my mother's declining health. 

Also, paint on exterior garage has no affect on your health or safety UNLESS garage was built in 1978 or older and never been painted.

I love the stuff, tenants love the stuff, and it's not too expensivePotentially install recess lighting--the kitchen is below the attic so it might not be too bad of a jobLiving roomInstall LVT flooring.Potentially replace real fireplace with gas insert for safety purposes.Potentially install recess lighting--the kitchen is below the attic so it might not be too bad of a jobBathroomsNew toiletsNew fixtureNew lightingBack splash above the shower/tub?